A BMO poll says that microbusinesses spent an average of $120,000 to get started
TORONTO—A poll released by the Bank of Montreal suggests half of business which have fewer than 10 employees were able to launch with $100,000 or less.
It also suggests one in ten of the “microbusinesses” needed only $2,500 or less to get started.
By comparison, the poll suggests only 22 per cent of business owners with between 11 to 49 employees got their ventures off the ground with $100,000 or under.
The poll says that microbusinesses spent an average of $120,000 to get started, while owners of businesses with 11-49 workers needed an average of $345,000.
The poll was conducted for BMO by Pollara between Aug. 20 and Sept. 8 through phone interviews with a random sample of 501 Canadian small business owners or managers.